To Much money when clients are still not been serviced as they should be.
WyndhamWorldwide has issued its second quarter 2016 earnings report, so as usual I’m posting some highlights from their Vacation Ownership segment below for your edification.
- Revenues were $705 million in the second quarter of 2016, a 1% increase over the second quarter of 2015.
- Net VOI sales declined by 2%, as higher gross VOI sales volume was offset by an increase in the provision for loan losses, which was in line with the Company’s expectations.
- Gross VOI sales were $518 million in the second quarter of 2016, an increase of 3% compared with the second quarter of 2015. Results reflect tour flow growth of 3.4%, partially offset by a volume per guest (VPG) decline of 0.8% in constant currency, reflecting higher sales to new owners.
- The number of new owners added increased 13% from the second quarter of 2015.
- Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2015
- Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015
- Securitized vacation ownership debt of $2.0 billion, compared with $2.1 billion at December 31, 2015
- EBITDA for the second quarter of 2016 was $187 million, an increase of 3% compared with the second quarter of 2015, reflecting higher gross VOI sales, a lower cost of sales and higher management fees, partially offset by an increase in the provision for loan losses.